Racing Santander owner Ahsan Ali Syed has paid off a ?2-million ($2.7-million) debt to keep the Spanish club from going into administration.
Cantabrian province minister of finance Angel Agudo says the Indian entrepreneur also agreed to a plan to pay off ?13 million ($17.8 million) the club owes to the Spanish treasury ''in successive installments over the next 18 months.''
Agudo says Ali Syed ''has saved Racing in a very difficult situation.'' The new owner also paid off ?750,000 ($1.03 million) in incurred debt when he signed the takeover papers in January.
The Cantabrian government held a major stake in Santander before Ali Syed acquired the club.
Santander has won two straight games to move five points clear of the relegation zone in 12th place.
